BRITISH COLUMBIA: MONEY LAUNDERING THROUGH LUXURY MOTOR VEHICLES

Kenneth Rijock in his blog provided a link to a Canadian report on the abuse of luxury vehicle sales in British Columbia by Chinese nationals, who use straw buyers to purchase luxury cars, which are then shipped to China, defrauding Canada of important tax revenue. It seems that many of the “sales” are done in cash, taking advantage of a reporting loophole enjoyed by automobile dealers.  The report also says that money laundering through automobiles is an international problem, which typically involves the purchase of vehicles in cash with the proceeds of crime, thereby converting the illicit cash into an asset, which will serve to disguise the origin of the money and can later be sold – and provides examples.

https://news.gov.bc.ca/files/German_Report_luxury_cars.pdf

 

If you’d like to help to contribute to the cost of the new laptop and desktop I have had to acquire, now that I am 5,000 miles away from my originals – https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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